Malaysian property developer Hatten Land Limited commenced its first day of trading on Singapore Exchange's Catalist board at 29.5 cents on Feb 28. The counter reached an intraday high of 30 cents before it closed at 28.5 cents, up 1.5 cents or 5.6%. A total of 49.6 million shares changed hands on its first day of trading. It opened at 28 cents on Wednesday, March 1.

Hatten Land is the property development arm of Hatten Group. Over the past decade, Hatten Group has become a leading property player in Melaka, where it is headquartered. Hatten Group’s core businesses range from property development and investment to hospitality, retail and education. The group has a landbank of 215 acres, mainly in Melaka, with some parcels in Cyberjaya, Selangor and Seremban.

On Feb 28, NRA Capital initiated coverage on Hatten Land with an “overweight” rating and a fair value estimate of 44 cents. “The key selling point of Hatten Land is its portfolio of choice sites in Malacca. Most of its sites face the sea, overlooking Pulau Melaka and the Straits of Malacca,” says NRA analyst Liu Jinshu in a Tuesday report.

With Pulau Melaka slated to be transformed into a tourism and entertainment hub on the back of a RM42 billion ($13.3 billion) Melaka Gateway project, Hatten Land’s projects offer significant upside and hence marketability, Liu says. He adds that Hatten Land’s strong pipeline of projects offers high growth prospects.